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5 Ways to Support Employees During the Holidays

5 Ways to Support Employees During the Holidays

by | Nov 14, 2023 | Blog

5 ways to support employees during the holidays. Holiday stress can cause big problems for your workforce. Here are 5 ways to support employees during the holidays. 

While the holidays should be a restful and celebratory time of year, they can also introduce financial stress into the lives of many employees. Between the cost of gifts, holiday dinners, long-distance travel and hosting family, your team may face significant holiday costs. In a survey from the American Psychiatric Association (APA), 31% of adults said they expect to feel more stressed during the upcoming holiday season compared to years prior. 

Luckily employers can take steps to support their workers during the holidays and keep the season merry.

a surprising statistic about employee stress during hte holidays

1. Make flexible schedules the norm.

The ability to shift schedules is one of the most valuable benefits employers can provide during the holiday season. Different people have different traditions, celebrations and customs, So, flexibility is vital for limiting stress. Whether your employees are hourly, salaried or gig workers, flex time can help accommodate everyone’s needs and save your team from major headaches. 

In fact, according to Workable, 55.8% of US workers say the ease of integrating personal and professional priorities is a major benefit of having a flexible work schedule.

Flexibility allows your team to complete their work on their own terms, while still managing their own personal lives. This fosters an environment where work-life balance is valued but also respects your team’s time and effort.

2. Encourage time off during the holidays

Taking time off during the holidays is important for everyone to recharge and spend quality time with their loved ones. But, many employees may hesitate to utilize their allocated time off. 

According to Pew Research, nearly half of workers say they’d worry about falling behind at work if they took more time off. However, this mentality can lead to increased levels of employee burnout, which has severe consequences for teams. In a Deloitte study on burnout, 91 percent of respondents said that having an unmanageable amount of stress or frustration negatively impacted the quality of their work. 83 percent of respondents said burnout from work could even negatively impact their personal relationships.

 Limiting burnout can also help with employee retention. According to the same Deloitte survey, nearly half of millennials said they have left a job specifically because they felt burned out. 

To support your employees, actively encourage them to take advantage of their vacation days and spend time with their loved ones.

Prioritizing a healthy work-life balance will help your employees feel comfortable using their paid time off without fear of judgment. A supportive work environment helps you keep your best talent.

3. Promote your existing mental health services.

Employers should take proactive steps to support their staff’s mental health all year, but the holidays can be especially tough for some. Take the time to promote any mental health resources and short-term benefits you offer, as they can be most important at the end of the year. According to an APA survey, 38% of people said their stress increased during the holiday season, which can lead to physical illness, depression and anxiety. 

These benefits can help improve these symptoms and get your workforce into a healthier place for the new year.  

4. Ask about employee goals for the new year.

Supporting your employees might also mean discussing their long-term career goals, especially if productivity dips at the end of the year. A Robert Half survey of more than 2,700 U.S. workers found that 30% of respondents saw difficulty balancing work and holiday obligations. Engaging in a conversation about future aspirations is a great way to organize your workforce and help refocus. Asking about goals can also provide clarity for your employees and shift your team’s thinking past their everyday tasks. These conversations can be great opportunities to set achievable goals and prepare for the new year together.

5. Prioritize financial wellness during the holidays and beyond.

The holidays can be an expensive time for all of your employees. Between gift-giving, decorations, travel and higher utility costs, this time of year often sets people back in their financial journeys. 

In fact, the Money and Holiday Mental Health survey from 2022 found that as consumer prices have continued to increase, 55% of millennials felt more stressed about the holiday season. However, programs like Best Money Moves offer effective solutions to their financial concerns. With budget tools, calculators and other resources, the right system can get your employees back on track in time for the new year.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

5 Surprising Statistics About the State of Employee Financial Wellness

5 Surprising Statistics About the State of Employee Financial Wellness

by | Nov 7, 2023 | Blog

5 surprising statistics about the state of employee financial wellness. Economic uncertainty has reshaped how employees think about their benefits. Here are key insights into the state of employee financial wellness.

Economic uncertainty throughout the past few years has reshaped how employees think about their benefits. In their 2023 Workplace Benefits Report, Bank of America surveyed 800+ American workers, examining the success of their benefits programs. The responses illuminate the growing strain of financial stress on many workforces — and just how important financial wellness benefits are to offsetting that stress. 

Here are 5 key statistics from the survey that reveal important insights into the state of employee financial wellness.

A surprising statistic about the state of employee financial wellness

1. 63% of employees feel that economic uncertainty affects current and future workplace benefits and 401(k) retirement plans.

Employees feel the strain of prolonged economic uncertainty, although different generations show their stress differently.  Workers in the baby boomer generation are having to delay retirement due to the instability of the current economy. Millennial and Gen Z employees grapple with high levels of student debt and may worry about their current financial situation. But however your team is affected, one thing remains constant: workplace morale and productivity suffer.

Providing employer-sponsored financial benefits is one way to put your team at ease. 3 out of 5 respondents reported that they would feel confident investing in a 401(k) or alternative retirement plan through their employer will help build their savings for retirement.

2. Women feel economic strains more acutely: 39% of women had to look for additional employment to keep up with rising costs compared to 17% of men.

According to Bank of America, women generally feel financial stress more significantly than their male counterparts. More women lie awake at night worried about their personal finances and more women are worried that due to inflation, they won’t be able to make ends meet. The workplace benefits that you provide need to be tailored to each employee and account for differences between demographics. A static solution that is the same for everyone does not address the complex needs that the world of personal finance creates.

3. The percentage of employees that prioritized saving for retirement has dropped by ⅓.

As economic situations fluctuate, the priorities of your workplace do as well. As retirement planning dropped in focus, employees prioritized paying off credit card debt and building an emergency savings fund. These statistics highlight the need for a comprehensive financial wellness program. A band-aid solution such as a 401(k) matching plan or something similar may work in some years, especially prosperous ones. However, these programs need to do a better job of lending a hand to your workforce during turbulent economic periods.

4. 2 in 5 workers rate their employee financial wellness as “good or excellent”, the lowest figure since 2010.

This is alarming but not necessarily surprising, considering the tumultuous economic strain of the COVID-19/Coronavirus pandemic and subsequent years. When surveyed, only 56% of employees said that they felt optimistic about the future, a decrease from 61% the previous year. As these feelings persist, it becomes more imperative for employers to provide some form of financial wellness solution to help employees build financial confidence.

5. ¾ of workers feel that employee financial wellness is the responsibility of their employer

This idea of improved financial wellness does not solely come from increasing pay. The responsibility also encompasses employers that must instill healthy personal finance habits through education or additional resources. Not only do employees think it’s the responsibility of their company, but employers think so as well. Ninety-six percent of employers that Bank of America surveyed said that their employee’s financial wellness is on their shoulders. However, there is a disconnect between what companies say and how they’ve put their thoughts into action. Currently, only 40% of companies offer any sort of financial wellness program.

Address employee financial wellness head-on with help from Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

What are employee wellness initiatives? (Plus, 5 key initiatives for your team)

What are employee wellness initiatives? (Plus, 5 key initiatives for your team)

by | Oct 13, 2023 | Blog

What are employee wellness initiatives? Wellness initiatives can give your benefits plan a powerful boost. Here are 5 key initiatives to try for your team.

Eighty-seven percent of employees consider health and wellness benefits when choosing an employer, according to a study by recruiting website Zippia. Adding wellness initiatives programs to your benefits package can provide your company an advantage in attracting talent over your competitors. 

Here’s what to know about employee wellness initiatives as well as 5 key initiatives that your team can implement to improve the employee experience.

a surprising statistic about the need for employee wellness initiatives

What are employee wellness initiatives?

Employee wellness initiatives are benefits programs that a company provides its employees. The purpose of these solutions is to promote the health and wellbeing of all the members of the office. Not only do companies see improvements in their workers mental and physical health, they often will see positive returns on their productivity and quality of work as well. In addition to cultivating a better work environment, according to the same Zippia study, 72% of employers saw a reduction in their healthcare costs after implementing these programs. 

These wellness programs can come in many different forms. Here are 5 key wellness initiatives to help your team succeed.

1. Fitness classes and health education

Encouraging your employees to exercise can positively impact both their physical and mental health. Fitness benefits can also appeal to all manner of employees, whether they enjoy complex lifting courses or low-impact aerobics. Providing stipends for these classes offers a cost-saving alternative to building an on-site gym or health club.

2. Schedule flexibility

In the post-COVID-19 workforce, flex-time is one of the most requested employee benefits. Employees want the ability to set their schedule for when to come into the office and when to work from home. The flexibility has the added benefit of reducing stress and anxiety in the workplace which will help increase productivity in the long run. Flexibility also provides added benefits for working parents trying to balance work and childcare duties.

3. Health screenings

Common reasons that people don’t go to the doctor include a fear of what a routine checkup might cost, a feeling of embarrassment or they lack access to the proper resources. All of these issues can be alleviated by providing onsite health screenings. Screenings only take 15-20 minutes of people’s time and to increase participation, can be provided during work hours.

Some employees may be dissuaded or nervous in volunteering in a program like this. Common incentives for participation include cash bonuses, reducing contributions towards health insurance and providing a flexible spending account.

4. Wellness goals

Declaring a shared goal that employees work on together while encouraging others to participate and excel in the programs helps raise the participation percentage of the benefits and can double as team-bonding exercises as well.

These goals can be carried out individually or workers can form teams and try to achieve them together. Some common challenges that workplaces have thought up are meditation, drinking more water, keeping a gratitude journal and walking/biking to work.

5. Financial wellness programs

Only 42% of employees rate their financial wellness as good or excellent, according to a report by Bank of America. But 76% of employees feel that it’s their employer’s responsibility to help them bridge the gaps in their financial wellbeing.

In response, many companies have started to provide financial wellness programs that assist clients with their budgets and guide them on a path towards financial security. When it comes to financial wellness programs, the best path forward is to provide a comprehensive one. Personal finance comes with unique issues for each of your employees and requires holistic answers for employees of all ages and financial backgrounds.

Give your team best-in-class employee financial wellness initiatives like Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help bolster employee financial wellbeing.  

Whether paying off debt or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 900+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

3 Ways Financial Stress Impacts Employees

3 Ways Financial Stress Impacts Employees

by | Oct 10, 2023 | Blog

3 ways financial stress impacts employees. Find out how financial stress may be affecting your workforce, and impactful ways companies can help.

More than 2 in 3 adults cite inflation, money and/or the economy as a leading source of stress, according to a report from the American Psychological Association (APA). Consequently, over time, financial stress can end up causing physical, emotional and mental health issues for employees of all ages.

With the support of employers and a robust financial wellness program, employees can dial down their financial stress over time.

A surprising statistic about the impacts of employee financial stress

1. Financial stress can cause physical health issues.

Over time, money-related stress and worry can lead to physical health issues that may ultimately require a doctor’s intervention. It’s common for those experiencing chronic financial stress to also have physical symptoms, like headaches, migraines, insomnia and fatigue. 

According to the APA’s report, employees with high stress levels are 3x as likely to experience headaches and fatigue, compared to employees with average stress levels. These physical health issues can inhibit employees from showing up as their best selves and ultimately decrease employee productivity.

2. Financial stress can harm employees’ mental health and self-esteem.

Beyond the physical body, money-related stress and worries can impact well-being in other areas, such as mental health and self-esteem. According to PwC’s 2023 report, more than half of employees say they’ve experienced decreased self-esteem and mental wellness due to their financial stress. The mental health effects of financial stress can present itself in many ways, including employees feeling anxious, nervous, sad or depressed. Moreover, the lack of a clear, grounded headspace can make it harder for employees to concentrate and remain engaged throughout the day.

3. Financially stressed employees feel less connected to their company.

It’s important to remember that financial stress is not only tied to debt-related worries, like a mortgage or car loan — financial stress can be tied to day-to-day financial expenses, like affording food or transportation to work. Over time, financial stress among employees can lead to retention issues.

Employees that are financially stressed are less likely to feel connected to their employer, and ultimately, may consider looking for another employer. According to a PwC report, employees who are financially stressed are 33% more likely to say that they don’t feel connected to their company than those who are not financially stressed. The lack of belonging at a firm can lead employees to look for another employer. 

In addition, in PwC’s report, more than half of all employees say they’d be attracted to employers that care more about their financial well-being. This points to a growing trend of employees increasingly wanting an employer that makes them feel heard and supported, especially regarding their financial well-being.

Financial wellness support has increasingly become a standard in the corporate benefits space. Rather than being seen as a “nice-to-have,” top talent see financial wellness support and benefits as a “must-have” benefit for their next employer.

Looking for a financial wellness program fit for all? Try Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help bolster employee financial wellbeing.  

Whether paying off debt or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 900+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

Best Money Moves Sneak Peek: Are Your Employees Financially Stable?

Best Money Moves Sneak Peek: Are Your Employees Financially Stable?

by | Sep 27, 2023 | Blog

Best Money Moves Sneak Peek: Are your employees financially stable? Get a special inside look into the resource library of Best Money Moves.

Whether your employees need help with day-to-day budgeting, debt management, planning for their financial future or something in-between, our resource library can help. Best Money Moves users have access to over 900 unique articles, videos, webinars and calculators across a range of financial topics. Users at any point of their financial journey can find the guidance they need when they need it most.

Enjoy a sneak peek of a user-favorite Best Money Moves article: 10 questions to determine if you’re financially stable

Lots of moving pieces factor into your financial stability. Whether you’re trying to save, building a budget, planning for retirement or otherwise handling your money, it’s easy to get overwhelmed. However, there are questions you can ask to make sure you’re on the path toward financial stability — and steps to take if you’re not quite there yet.

1. Do you keep a budget?

Setting a fixed budget is the first step toward responsible spending. List your income and your expenses so you clearly see where to cut costs and save each month. 

Start by listing the total income you bring in each month, including your salary, a spouse or partner’s salary and other recurring income such as alimony or childcare. Then, compare this income to an itemized list of your expenses. It’s helpful to split your list into “fixed” expenses that stay constant every month (rent, car payments, etc.), and varied costs (entertainment, clothes). By splitting necessary costs from everything else, and keeping track of what you spend money on, you can better learn your spending habits and find places to reduce unnecessary spending.

2. Do you think through big purchases?

Patience is important when it comes to spending. While it’s easy to buy on impulse, splurging can result in purchases outside of your budget. When making a big purchase — whether a large appliance, a vacation or even a home — compare your options to find the best value.

3. Do you put money into savings every pay period? 

Saving is key to long-term financial stability. Building a savings ensures you’ll be prepared for whatever emergencies life throws your way. Even if you only put away a small amount each month, these savings will grow over time. 

To guarantee you save, try having your bank automatically transfer part of each paycheck to a savings account. If your bank isn’t able to do so, check with your employer to see if they can automatically deposit some of your paycheck into a savings account instead.

4. Do you have enough savings to cover three months of expenses?

According to the Federal Financial Literacy and Education Commission, you should have enough savings to cover three months of expenses before you start making any other investments. Our recommendation is to save closer to six months’ worth of expenses, but three months is a great place to start building your savings over time.

Regardless of your overall goal, if you have enough in savings to last you at least a few months, it likely means you’re in a healthy place financially and don’t have to stress about breaking your budget when an unexpected expense arrives. For more in-depth information on building an emergency fund, read our article How do I build an emergency fund?

5. Do you know what your credit score is and how to keep it in good shape?

Your credit score reflects your history of borrowing and paying back money and is comprised of a variety of factors, including your current unpaid debt, your history of paying bills and your total number of credit accounts. Banks and other lenders use your credit score to determine the likelihood that you’ll repay a loan on time. A high credit score means you’ll likely have an easier time qualifying for a mortgage, credit card or other forms of credit.

Many credit card companies or banking apps offer their customers a free monthly credit score, usually found on your monthly statement or by logging into your bank account’s mobile application. It’s important to note, however, that these free scores are generally educational scores and may be several points off from your actual score. Alternatively, you can purchase a copy of your credit score from each of the three nationwide credit bureaus Equifax, Experian and Transunion. 

Keep your score in good shape by paying your loans on time, not getting close to your credit limit and only applying for the credit you need and know you can pay back.

6. Do you have an established credit history?

Having an established history of using credit will help you with your credit score. The more often you pay your loans on time, the better your score will be and the better your chances are at receiving loans in the future. 

If you do not have experience with credit yet, the Consumer Financial Protection Bureau recommends looking into products designed to help you build credit. There are several options — such as secured credit cards and credit builder loans — that were created to kickstart your credit history.

7. Do you have alerts set up for your checking accounts?

Setting up alerts for your checking accounts is an easy way to avoid overdraft fees. Overdraft fees occur when you don’t have enough money in your account to complete a purchase, but the bank allows the transaction to go through anyway. Alerts on your account will tell you when you are low on money. This is important because, even if you’ve recently made a deposit, your funds may not be immediately accessible, which means that you can still overdraw your account and end up paying fees. 

Be proactive and set alerts to ensure you’re always aware of how much money you have access to at a given time.

8. Do you plan for your tax refund?

Financial stability is often contingent on financial planning, and having a plan for your tax refund can help you reach or maintain financial stability. 

Estimate how big your refund will be based on how much you earn, and then create a plan for its best possible use. Whether you put it into savings or use it to catch up on bills, planning ahead will help you make the most of your refund. 

To really plan ahead, put down your savings account and routing numbers when you file your taxes. This way, the IRS can deposit your check directly into savings so there’s no temptation to spend it right away.

9. Do you have long-term financial goals?

It’s always healthy to have long-term financial goals. Having realistic, specific goals can help you stay on track with your spending.  This concrete planning for the future motivates you to save and gets you to where you want to be financially.

10. Are you planning for retirement?

It’s never too early to start planning for the future, especially if you’ve reached a point where you can save money every month. A retirement fund may seem daunting or too far off to worry about, but contributing to one regularly can help you save up over time. 

The amount needed for a comfortable retirement varies from person to person, but a general rule is that you will need 70% of your current annual salary. However, if you plan on being very active in retirement, this number may be higher. 

If you haven’t started thinking about retirement yet, start by establishing an Individual Retirement Account (IRA) through your bank or other financial institution. An IRA is an account that allows you to save money for retirement with tax-free (or tax-deferred) growth. By keeping retirement in the back of your mind, you’ll ensure your financial stability lasts long after you stop working. 

Managing your finances may seem difficult at first, but there are many simple steps you can take to help you become more financially stable.

Best Money Moves gives your employees access to a detailed library of 900+ financial articles, videos, webinars and other tools.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial well-being solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial well-being. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness. 

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.